New Regulations For Tax Withholding Passed

[VigorsTheGrey]

http://live.drf.com/nuggets/38935-in...mally-approved

https://www.bloodhorse.com/horse-rac...adopted-by-irs

Full Text Download
https://s3.amazonaws.com/public-insp...2017-20720.pdf

[incoming]

I think EMD4ME just received a huge raise....

[lamboguy]

this just put the ten percenter's out of business which is great for the game.

the questions i would have are if this new ruling will take people out of the w-p-s pools and into the jackpot bets.

some offshoot really good news will be if you are a resident of Massachusetts where they are holding 6% for a state tax without deductions and that will probably end with this.

all in all this is a big boost for the racing industry if they decide to handle it right and not introduce more exotic jackpot wagers with higher takeout.

[castaway01]

This is actual, legitimate great news.

[biggestal99]

and new ID rules ONE ID and a W9 Form.

The news gets better and better for the player.

Allan

[chiguy]

As a clerk who does the tax forms I cannot tell you how delighted this makes me. It has always been such a strange thing for a customer to be happy on one hand with the score but unhappy on the other end because of the reporting. It also appears now that I dont need to see the SS card? If that is correct then this is really great news.

[biggestal99]

Originally Posted by chiguy

As a clerk who does the tax forms I cannot tell you how delighted this makes me. It has always been such a strange thing for a customer to be happy on one hand with the score but unhappy on the other end because of the reporting. It also appears now that I dont need to see the SS card? If that is correct then this is really great news.

They can use the SS card as ID but not required.

The W9 takes care of the TIN.

Allan

[biggestal99]

Originally Posted by chiguy

As a clerk who does the tax forms I cannot tell you how delighted this makes me. It has always been such a strange thing for a customer to be happy on one hand with the score but unhappy on the other end because of the reporting. It also appears now that I dont need to see the SS card? If that is correct then this is really great news.

and way less action coming your way. if you have a 2 box tri (12 bucks wagered)the tax man only see see ya at 3600 or better. if it pays 2K on the 12 buck box tri--no tax forms needed.

Allan

[JustRalph]

So how much money does this move into the exotic pools ? Percentage wise does this make a player move their bets around from the wps pools?

I would think there would be a great incentive to do that

[VigorsTheGrey]

So under the new regs, they(?) ...are anticipating an additional 1 billion to be wagered.....wow! And it took them this long to figure that out...? Maybe they knew it all along and it was a matter of convincing uncle Sam...so how will this change the way you bet...? Or how can we make this work to our advantage....? I know I will be making a lot more $1 super and trifecta bet instead of dime supers...how about you...? What are some of the bet structures that will take more action now...?

[showonly]

Originally Posted by VigorsTheGrey

So under the new regs, they(?) ...are anticipating an additional 1 billion to be wagered.....wow! And it took them this long to figure that out...? Maybe they knew it all along and it was a matter of convincing uncle Sam...so how will this change the way you bet...? Or how can we make this work to our advantage....? I know I will be making a lot more $1 super and trifecta bet instead of dime supers...how about you...? What are some of the bet structures that will take more action now...?

Just at a glance I would say:

Biggest winner: Treasury


I hope your correct but I think the chance's of dime super bettors increasing their total play by 10x is pretty close to zero.

Biggest Losers: Tax preparers

[bucksboy]

Please confirm - a $100.00 Pic 5 bet has no reporting up to $30,000.00 ??
I this correct ??

[VigorsTheGrey]

Originally Posted by showonly

Just at a glance I would say:

Biggest winner: Treasury


I hope your correct but I think the chance's of dime super bettors increasing their total play by 10x is pretty close to zero.

Biggest Losers: Tax preparers

You say Treasury, I was trying to figure out why this is so...? How does uncle Sam benefit more from this...? If it is so good for the betters, doesn't that mean that uncle Sam will be getting a whole lot LESS...?

[Si2see]

Once passed you all need to make sure to structure your tickets properly, and basically the exact opposite of how it is done now.

For instance if I play a superfecta now, 9 times out of 10 i am playing it for a .50 score, so I play the ticket for a dime 5 times.

Once this is in affect I would now need to play the ticket for .50 once.

Jason

[Track Collector]

Excellent news for lots of players.

Although it only affects a very tiny percentage of players, they now need to allow players who file as a business to carry over wagering losses from one year to the next, which is allowable with more traditional businesses.

For those who do not know, here is how the current inequity works for those involved in a gambling business:

Say in 2016 one's net wagers result in a $5,000 loss.
Say in 2017 one's net wagers result in a $5,000 win

In a "traditional" business the $5,000 loss in 2016 could be carried over to offset income in 2017, so the business would have no tax liability in 2017 (from the wagering activity portion) because the entire amount was offset.

A Gambling business under the same scenario would not be able to carry any losses over from 2016 and thus have a tax liability on the entire $5,000 wagering profit amount from 2017. As someone who we all know might tweet: "So Unfair!"